Will my landlord’s insurance cover damage to my belongings?

By Maria Milillo, Raine & Horne
APRIL 1, 2018

No, a landlord's insurance policy won't cover the damage to a tenant’s possessions. The good news is that insurers offer products designed for renters, which are usually low-cost policies.

When you are renting, the landlord is responsible for damage or loss to the building and fittings. However, you are accountable for damages to your furniture, electrical goods such as refrigerators, toasters, blenders, and kettles, as well as your clothes, books and other valuables.

To ensure you don’t lose everything to a mishap and miss out on compensation check the renter's insurance policies offered by a broad range of insurers.

Renter’s insurance is a type of contents cover designed for people living in rented properties, according to understandinsurance.com.au. It covers tenants against financial loss from risks such as fire or burglary, or against accidental loss or damage. It can also protect a tenant against unintentional damage to fixtures and fittings of the rental property you are renting or provide financial cover for legal liability. Better still, renter’s insurance may cover your possessions for damage when you move between properties.

As with most types of insurance, renter’s insurance policy varies from insurer to insurer. So, comparing policies to find the features that best suit your needs is a worthwhile exercise.

If you're a landlord, you must protect your investment asset. For just a few hundred dollars annually, it's possible to buy protection against damage to buildings and contents, but also for rental default and damage by tenants. And better still, with tax time approaching, your policy is tax deductible.

There are many benefits exclusive to landlord protection policies that are not available with standard home insurance policies. For example, if your tenant leaves without notice, or falls behind in their rent, and then breaks a lease, you can be covered for the financial shortfall. Moreover, where your tenant or their friends damage the property, you are covered too. The right landlord protection policy will also include financial protection for malicious or deliberate damage.

To get a quote for a suitable landlord insurance policy, call Our Broker today on 1800 913 677.